The Michigan Economic Development Corp. has awarded $4.3 million in low-interest relief loans to 74 small businesses statewide affected by the COVID-19 pandemic.
The first round of loans from the $10 million Michigan Small Business Relief Program went to small businesses that collectively employ nearly 1,000 people in 40 counties. The loans are on top of $10 million in grants the MEDC previously awarded to more than 2,700 small businesses statewide.
The Michigan Strategic Fund and MEDC created the grant and loan funds in March to aid small businesses that had to close or have been disrupted by the coronavirus.
The MEDC distributed the relief loans through local economic development organizations. Small businesses can use the funding for working capital to pay payroll expenses, rent, mortgage payments, utility expenses or other expenses incurred in the normal course of business.
“The Michigan Small Business Relief Program loans are intended to provide critical capital to support the health and sustainability of the state’s small businesses, communities and workforce,” MEDC CEO Mark Burton said in a statement. “By collaborating with our local economic development partners, we are able to deliver vital financial resources to small businesses all across Michigan as they work to recover from the loss of revenue as a result of the COVID-19 virus.”
In West Michigan, 14 small businesses in Barry, Ionia, Kent, Lake, Mason, Mecosta, Montcalm, Muskegon, Newaygo, Oceana, Osceola counties received relief loans through The Right Place Inc. totaling $1 million. Five small businesses in Allegan and Ottawa counties were awarded loans for $300,000 through Lakeshore Advantage.
“The COVID-19 pandemic has brought significant challenges to our region’s businesses,” Right Place President and CEO Birgit Klohs said in a statement. “These loans will assist in easing the dramatic financial hardship felt by local businesses.”
West Michigan loan recipients are:
- The Sassy Olive, $60,880
- Dunes Acquisition Corp., $63,040
- Thornapple Ophthalmology Associates PC, $50,000
- Macker Basketball LLC, $50,000
- Saranac Tank LLC, $82,001
- J & M Construction Services LLC, $66,736
- One Beer At A Time, LLC, $115,102
- Baldwin Creek Lodge LLC, $50,000
- Fawn’s Den LLC, $50,000
- Environmental Advisory Services, Inc., $122,001
- Royal Controls & Process Services LLC, $50,000
- Studio City Photography, $50,000
- RTS Construction Group LLC, $161,160
- Northpointe Companies LLC, $50,000
- Powers Motors Sports Inc., $50,000
- West Michigan Scoops Inc., $50,000
- Hudsonville Winery Inc., $50,000
- Old Boys Brewhouse Inc., $63,040
- Nelis Inc., $63,040
News coverage in the small business section of MiBiz is made possible by advertising support from the Small Business Association of Michigan. SBAM is the statewide and state-based association that focuses solely on serving the needs of Michigan’s small business community. This advertisement has no effect on editorial consideration in MiBiz.